Sec. 202. Credit for obsolete river obstruction removal expenditures
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Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding after section 45T the following new section: For purposes of section 38, the credit for obsolete river obstruction removal expenditures for any taxable year is 30 percent of the qualified obsolete river obstruction removal expenditures incurred during such taxable year. For purposes of this section— The term qualified obsolete river obstruction removal expenditures means any expenditure to demolish and remove, in whole or in part, any dam described in paragraph
(2)and its associated infrastructure, including all associated remediation and ecosystem restoration costs, so long as— the work is performed with the consent of the dam owner, if available, and none of the expenses incurred are used to demolish or remove a Federally-owned hydroelectric dam. A dam is described in this paragraph if such dam is— a qualified nonpowered dam (as defined in section 34(e)(3) of the Federal Power Act (16 U.S.C. § 823e(e)(3))), or a hydroelectric dam which is not owned by the Federal government. In the case of qualified obsolete river obstruction removal expenditures incurred by an eligible entity, the Secretary shall promulgate regulations to allow the allocation of the credit under this section to the person primarily responsible for designing the property in lieu of the owner of such property, with such person to be treated as the taxpayer for purposes of this section. For purposes of this subsection, the term eligible entity means— a Federal, State, or local government or a political subdivision thereof, an Indian tribe (as defined in section 45A(c)(6)), or an organization described in section 501(c) and exempt from tax under section 501(a). In the case of a taxpayer making an election (at such time and in such manner as the Secretary may provide) under this subsection with respect to any portion of the credit which would (without regard to this subsection) be determined under this section with respect to such taxpayer, such taxpayer shall be treated as making a payment against the tax imposed by subtitle A for the taxable year equal to 100 percent of such amount. The payment described in subsection
(a)shall be treated as made on the later of the due date of the return of tax for such taxable year or the date on which such return is filed. Solely for purposes of section 38, in the case of a taxpayer making an election under this subsection, the credit determined under this section shall be reduced by the amount of the portion of such credit with respect to which the taxpayer makes such election. . Section 38(b) of the Internal Revenue Code of 1986 is amended by striking plus at the end of paragraph (32), by striking the period at the end of paragraph
(33)and inserting , plus , and by adding at the end the following new paragraph: the credit for obsolete river obstruction removal expenditures under section 45U(a). . Section 280C of such Code is amended by adding at the end the following new subsection: No deduction shall be allowed for that portion of the expenses otherwise allowable as a deduction taken into account in determining the credit under section 45U for the taxable year which is equal to the amount of the credit determined for such taxable year under section 45U(a). . The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 45T the following new item: Sec. 45U. Credit for obsolete river obstruction removal expenditures. . The amendments made by this section shall apply to any obsolete river obstruction removal expenditures (as defined in section 45U of the Internal Revenue Code of 1986, as added by this section) incurred after the date of the enactment of this Act.
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Sec. 202
Credit for obsolete river obstruction removal expenditures
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